Banking & Finance Dubai lender Mashreq’s 2024 profit rises 4% to $2.5bn By Pramod Kumar January 31, 2025, 11:11 AM Reuters/Mosab Omar Mashreq recognised a one-off net gain of AED1.2 billion from the partial sale of a subsidiary Net profit at Dubai-listed lender Mashreq reached AED9 billion ($2.5 billion) in 2024, a 4 percent year-on-year increase, as revenue and margins remained strong. Revenue stood at AED13.4 billion, rising 24 percent annually and maintaining a three-year compound annual growth rate of 32 percent. Net interest income grew by 9 percent year on year despite interest rate cuts last year, reflecting healthy margins amid strong and high-quality balance sheet growth. Annual non-interest income jumped by 63 percent to AED5 billion due to robust fee-generating activities and strong forex, derivatives, and commodities performance. The lender recognised a one-off net gain of AED1.2 billion from the partial sale of a subsidiary. Dubai’s Mashreq enters Oman’s growing banking sector Mashreq sells majority stake in NeoBank in $385m deal Mashreq explores presence in India’s new economic zone In September 2024, the bank sold a 65 percent stake in IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. Loans rose 18 percent year on year, primarily funded by an increase in customer deposits, which increased to AED161 billion. Current account savings account (Casa) represents 66 percent of total customer deposits. Total assets increased 11 percent annually to AED267 billion.
